This blog is meant as a resource for people who wants to know about the US$150 laptop Medison Celebrity that went missing. News, articles and personal opinions. We also bring up Medison Consulting in general and Valdi Ivancic's other adventures.

Tuesday, September 11, 2007

TT: "Valdi has no registered income"

TT has published yet another article regarding Medison. I'll publish it fully translated to English (Have used a machine translator in some parts, sorry if someting is unclear), because I don't think that any extra comments by me are necessary ;)

The debated computer firm Medison owner says that he can finance the project until the business goes around.

But the CEO, with 90 percents of the shares, had no registered income last year and lacks taxed fortune.- I have lived on my wife. It is her that has supplied the family. Now, it's my turn, says Valdi Ivancic to TT. He does not want to say how much he or the four other owners that owns 10 percents has invested in the company. But total amount itself is according to Ivancic about a in the context very modest sum - about a half million Swedish crowns (about 73 500 USD).This should, apart from other expenses, be enough to producing the upwards 300 000 portable computers that Medison says has been ordered from the company.

Agreements- Because of that we have certain agreements with those that produce, assemble and distribute, we don't need to have much more money than that right now, says Ivancic.He states in other word that Medisons collaborative partners, whose identities are not disclosed, give the company credits. But he does not want to describe the contracts in detail. Neither Ivancic wants to tell how much Medison pays per produced computer, according to him only in consideration to the producer.

"Virtual" companiesIvancic, who is CEO and majority owner in Medison, is nationally registered in Sweden. But the company itself, with the complete name Medison Europe Limited, is registered in Great Britain. A head office does not exist.

- The company is constructed virtually can one say. We are very few persons and we are on traveling foot permanently. Because of that, we sit and communicates a lot via internet and telephone, says Ivancic.- That makes it difficult to say about the company is here or there.

Was started recentlyMedison started the launch of their low cost computer last spring. But Medison Europe Limited was started as late as in the middle of July, according the British company register. According to Ivancic the choice of registering country depended on that the suffix "Ltd" in the name is more internationally accepted than the Swedish "AB".

Earlier have several other Medison-companies with connection to Ivancic, that has been registered in Sweden, been discontinued or has gone bankrupt.

The CEO states that he periodically since 2004 has been living in Brazil, where he been on paternity leave but also has been joint owner and counselor in different companies. He has however all the time been nationally registered in Sweden.

In the two last income-tax returns, those for year 2004 and 2005, he has all in all a declared income from service of just over 20 000 Swedish crowns (about 3000 USD).

Yeah, we know Valdi is really very sensitive about how his company is perceived too... people are more likely to buy a company from a Ltd than an AB... but who cares if the web site looks like it's from 1997?Or if orders are shipped on time. Such things are far less important than the Ltd suffix.

Well, having no income really isn't detrimental for the company. During the time he was 'house husband', he had plenty of time to go over imaginary business plans with imaginary business partners about imaginary products with his 2 year old.

I want to call on you Tommy, for ruining my image to my partners. Because of you, Medison lost partners, many partners, almost 10 partners.

It is your blog exactly I mean in the press release, and because of you I am very stressed and unable to manage the assembling of the laptops. My assembly workers, Valdi Ivancic and Valdi Ivancic have started doubting me, and consider quitting.

My electronics engineer, Valdi Ivancic wants payment up front, which I can not offer since your blog caused 2CO to be suspicious of us.

Well, regarding a UK Ltd. company, it has the same (more or less) limited liability as the Swedish AB, but with the big difference that a Ltd. company, you only need to show up with £1 as initial funding for shares, a Swedish AB, demands at least 11000 EUR (100000 SEK).

Then when you have your UK Ltd. company, you can register a Swedish branch and recieve a Swedish AB (as a sub/daughter-company to your UK Ltd. company), not needing to show any funding at all...

And the fact that he has no registered income in Sweden, is not that strange at all, and not illegal, as long as he can show the Swedish taxman that no money went from his UK company to any bank or asset holder (holding company), where he in some way is involved...

When will the laptops be delivered?

The first deliveries was promised to be the 15th of August 2007. This was pushed to the 31st of August 2007.
This was
and not a single computer has been delivered yet.

About this blog

This blog is no longer updated, but will remain here as a time capsule for future generations ;)

All information on this site is allowed to be distributed freely, but please include a link back to this site if you use any material.We don't take any reponsibilty for the accuracy of information found here, however we have tried to check the information as well as possible.